Problem 4-1A Financial Statements and Closing Entries
Beacon Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown below at October 31, 2012, the end of the current fiscal year.
AND SO ON
Instructions
1. Prepare an income statement for the year ended October 31.
2. Prepare a statement of owner's equity for the year ended October 31. No additional investments were made during the year.
3. Prepare a balance sheet as of October 31.
4. Based upon the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
Check: 3. Total Assets: $239,500
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